CASE STUDY: THE PET ECONOMY

Case Study: The Pet Economy

Case Study: The Pet Economy

Introduction

The Pet Economy: Americans spend an astonishing $41 billion a year on their furry friends. If there's still any doubt whether the pampering of pets is getting out of hand, the debate should be settled once and for all by Neuticles, a patented testicular implant that sells for up to $919 a pair. The idea, says inventor Gregg A. Miller, is to "let people restore their pets to anatomical preciseness" after neutering, thereby allowing them to retain their natural look and self-esteem. (Rorabaugh, 2004)

Case Study: The Pet Economy

"People thought I was crazy when I started 13 years ago," says the Oak Grove (Mo.) entrepreneur. But he has since sold more than 240,000 pairs (a few of which went on prairie dogs, water buffalo, and monkeys). "Neutering is creepy. But with Neuticles, it's like nothing has changed." Nothing, except there's a fake body part where a real one used to be. Americans now spend $41 billion a year on their pets more than the gross domestic product of all but 64 countries in the world. That's double the amount shelled out on pets a decade ago, with annual spending expected to hit $52 billion in the next two years, according to Packaged Facts, a consumer research company based in Rockville, Md. (Rorabaugh, 2004)

The launch of The Pet Realty Network's national Resource Directory makes moving with pets a whole lot easier. With 10.7 million people moving with their pets every year in the United States alone, it's not surprising that the idea of creating an all inclusive Resource for pet owners moving with their pets is a good one. According to the American Pet Product Manufacturers Association in a 2005-06 survey, 63 percent of all U.S. households own pets. This translates to more than 69 million households, up from 51 million in 1988. That's about 74 million dogs and 91 million cats. And a July 2007 cover story from Business Week confirms that Americans spend an astonishing $41 billion a year on their furry friends, double the amount spent a decade ago. That's more than what Americans spend annually on movies ($10.8 billion), video games ($11.6 billion), and music ($10.6 billion) combined. Pet spending is expected to hit $52 billion in the next two years. All of these statistics add up to a great opportunity for the Real Estate Professionals and businesses working together to offer a one-stop-shop for people before, during and after moving with their pets. (Rorabaugh, 2004)

Pet owners expect only the best for their pets. To stand out in the challenging real estate market today, Agents have to cater to the needs of both pet owners and their pets. The same applies to businesses that are interested in reaching the broad market of pet owners moving to a new area of town and shopping for anything from a new veterinarian, groomer, or pet sitter to where to find a good handyman, cleaning service or interior ...